CZ Sentenced, Your Bitcoin in their Custody

[batang_bitcoin]

I don't see the connection of privacy and CZ's sentence to 4 months in prison. And if using centralized exchanges is the weakest means on this community, then most of us have been weak but it's likely that everyone has used centralized exchanges. Anyway, as I am telling that there's no connection about privacy and CZ sentence and to add the fact, CZ is no longer part of Binance in paper as what he's told before because he had already resigned from his post on the company.

[AmoreJaz]

I don't see the connection of privacy and CZ's sentence to 4 months in prison. And if using centralized exchanges is the weakest means on this community, then most of us have been weak but it's likely that everyone has used centralized exchanges. Anyway, as I am telling that there's no connection about privacy and CZ sentence and to add the fact, CZ is no longer part of Binance in paper as what he's told before because he had already resigned from his post on the company.

For sure, he already prepared for the worst, hence, he resigned from the company last Nov 2023. So it won't interfere from their business. He has new CEO so business will be the same for them.

Also, his lawyers are insisting to receive no prison time at all as he is coming from UAE, his family is living in this middle eastern country. And this country has no extradition treaty with the US. I guess, CZ knows where to live...
Source

[batang_bitcoin]

I don't see the connection of privacy and CZ's sentence to 4 months in prison. And if using centralized exchanges is the weakest means on this community, then most of us have been weak but it's likely that everyone has used centralized exchanges. Anyway, as I am telling that there's no connection about privacy and CZ sentence and to add the fact, CZ is no longer part of Binance in paper as what he's told before because he had already resigned from his post on the company.

For sure, he already prepared for the worst, hence, he resigned from the company last Nov 2023. So it won't interfere from their business. He has new CEO so business will be the same for them.

Also, his lawyers are insisting to receive no prison time at all as he is coming from UAE, his family is living in this middle eastern country. And this country has no extradition treaty with the US. I guess, CZ knows where to live...
Source

He seemed to be well prepared with all of the possible consequences and I think that coming from a possible 3 years in jail, the lawyers were able to put it down to 4 months. That's actually a great job for them and they're able to do it legally. Some potential changes to Binance will come after he's got released from there and that's another story that we have to tune in but basically, an impact for the market is what I am waiting at that time.

[Ale88]

Every bitcoiners should understand why they need to have in custody their own digital financial asset and not with third parties like exchange ss, they can be attacked, hacked and if any of these happens, our asset with them are gone, we should learn to avoid the use of exchange, hold our bitcoin on cold storages and remember that not your keys not your coins still ever remains verdict in bitcoin network.

Of course I agree with not leaving your bitcoins on exchanges but I don't see what this has to do with CZ's sentence, like if now that he's been sentenced the US government will confiscate all Binance users' funds... And talking about CZ, probably at the end his situation wasn't that serious because 4 months is pretty much nothing, usually in the US they go pretty heavy for this type of crimes, I guess they didn't have such a solid case after all.

[YUriy1991]

I Like CZ. with his honest words "I'm sorry,"

Looking at the current market conditions and listening to some mainstream news that the Federal Reserve pauses interest rate hikes, remains at 5.25% - 5.50% but I have an assumption that the correction is still large, the potential can even touch 50K again or even deeper.

For the last point I agree because it involves our investment desires and it all comes back to us how much we care about our assets. So it will be very interesting to see what happens next in the market. .

[bettercrypto]

Well, if I compare Cz to SBF, Cz will be more innocent than SBF, so the only thing that happened is that this US government seems to be using their power to harass whoever they want to harass. It's like I can't see that Cz has been abused.

Because if there is, then what happened to FTX should be the same with Binance? But this is not what is happening in Binance; instead, the community users of Binance are still numerous and, to be honest, So maybe his imprisonment is only 4 months; it seems like he is really just harassing Cz, and then the size of 4 billion dollars is already given for payment.

[Sandra_hakeem]

The funny thing is they only tell you what they wanna tell you, not what you wanna hear. This is just another strategy for the governments to make it look like they're intolerable but, CZ isn't serving time in jail, don't be a p***y y'all!

Although if we think about it more broadly this is part of an attack on privacy, for which it seems to be money laundering anything that has to do with protecting it. And the bad news is that it seems to me that this has only just begun.

There's no privacy guarantee on CEXs - atleast away from the gov after inducing the KYCs - so I'd say, it's unimaginably a route that has been charged of several money laundering cases ^{[just like you said]}, since they never had layeddown rule. $4 billion was enough to make the gov wheel away their initial penalty, as it is with every other criminal cases!

[NotATether]

Oh man, your bitcoin in their custody? Whose bitcoin are you talking about though, everyone's? Or just the Binance users? Either way, that is false. Binance has not been seized or anything.

On Tuesday, the Binance CEO CZ was sentenced to four months imprisonment all on the charges of allowing for the participation of illegal money laundry from his exchange Binance, the US government gile a lawsuit against him and charged him, same way they habe been clamping down of other privacy means in which bitcoiner can use to achieve thier goals, i don't wa t to mention the keyword bit we all know about the recent ban thst took effect since January 1st of this year 2024.

What is this, now people think they are not even allowed to say the word "mixer" on Bitcointalk.org? Guys, this is not Bitcointalk.ru. The forum's mission is "to be as free as possible", you can still talk about mixers. Not that it's relevant to this topic though.

[Cryptoprincess101]

Already the reason for creating Bitcoin was to stand as a decentralized means of exchange among Bitcoin holders and not for using centralized exchanges to exchange Bitcoin for fiat because if we keep exchanging Bitcoins to fiat that means we are still giving fiat value and the quest to achieve a Bitcoin adoption policy in our monetary system may will take much longer time.
Centralized exchanges is very risky because before you are allowed to use centralized exchanges you will be required to undergo KYC which includes your personal information which can be traceable and since the government is not completely in support of cryptocurrency means that everyone needs to be very careful when giving out personal data about themselves more especially those of us in the crypto industry because all the eyes of the government are focused on any loophole they will use to clampdown cryptocurrency though it is rather too late for them now because the awareness have gone beyond their imagination.

[Z-tight]

Already the reason for creating Bitcoin was to stand as a decentralized means of exchange among Bitcoin holders and not for using centralized exchanges to exchange Bitcoin for fiat because if we keep exchanging Bitcoins to fiat that means we are still giving fiat value and the quest to achieve a Bitcoin adoption policy in our monetary system may will take much longer time.

There is no mass adoption for BTC yet, and we cannot yet spend BTC on a lot of things, so people have to trade BTC for fiat when they need to. BTC is a 'free' currency, so do not tell people what to do with their coins.

Centralized exchanges is very risky because before you are allowed to use centralized exchanges you will be required to undergo KYC which includes your personal information which can be traceable

There are p2p exchanges that you can use to trade BTC to fiat or to other cryptocurrencies without undergoing kyc. Here are some of them: https://kycnot.me/?t=exchange

[Marvell1]

I don't see the connection of privacy and CZ's sentence to 4 months in prison. And if using centralized exchanges is the weakest means on this community, then most of us have been weak but it's likely that everyone has used centralized exchanges. Anyway, as I am telling that there's no connection about privacy and CZ sentence and to add the fact, CZ is no longer part of Binance in paper as what he's told before because he had already resigned from his post on the company.

I've also read and re-read what the OP wrote and I don't see any connection between CZ's ruling and our privacy rights. And CZ doesn't even have any connection to Binance anymore and users of this leading exchange have nothing to fear with this news.

What's more confusing is that many people were gloating when CZ was convicted and had to spend 4 months in prison. CZ hasn't done anything wrong to anyone nor stolen anyone's bitcoins like SBF did but why are so many people hostile towards him? It is true that talented and wealthy people are always envied and hated by petty people for whatever reason.

[Dave1]

With all these happening, I suggest we should be reminded as bitcoiners on what we are made for and should not loose focus on how we can achieve our target with the use of bitcoin for our financial economy in all modules of it's applications Privacy should be our heritage with bitcoin, using centralized exchanges is the weakest means to have it, because the governments will be after you when you're under a centralized exchange, they have all your details with them.

Every bitcoiners should understand why they need to have in custody their own digital financial asset and not with third parties like exchange ss, they can be attacked, hacked and if any of these happens, our asset with them are gone, we should learn to avoid the use of exchange, hold our bitcoin on cold storages and remember that not your keys not your coins still ever remains verdict in bitcoin network.

Light sentence for him, and he is lucky, although he had cough up billions already and cooperate with the authorities that's why the sentence is just 4 months, a slap on the wrist.

As for our Bitcoin, yes, although I don't see any connection as he already step down at Binance and so he don't have access to our Bitcoin. Nevertheless, it's bull run already and so it's better to have our BTC in our wallet in which we have total control, private keys and mnemonic phrase.

[kryptqnick]

I think CZ got away with a very modest sentence (if that's the total sentence, based on all charges), good for him. That makes it seem that the crime wasn't a big deal, which can also be good for the reputation of Binance.
But CZ being in prison doesn't mean that Binance will stop working (especially when we're talking about the global exchange) or that people wouldn't be able to use the funds they have there. I'm all for self-custody and I don't keep funds on exchanges, but I'm just pointing out that this particular news on CZ probably doesn't affect the money on the exchange.

[Kelward]

<snip> same way they habe been clamping down of other privacy means in which bitcoiner can use to achieve thier goals, i don't wa t to mention the keyword bit we all know about the recent ban thst took effect since January 1st of this year 2024.

I'm struggling to understand your post. Firstly you put binance in the same bunch as privacy services and go on to talk about the privacy risks of using it. What's happening to Binance has nothing to do with reducing privacy of bitcoin users, it's a criminal investigation.

CZ pleaded guilty to the charges, aided be investigation and binance has greed to pay fines to the tune of $4 billion, hence the lighter sentence.

You're absolutely right, the matter on ground is a crime case, which I believe concerns CZ and Binance, it has nothing to do with hack or the exchange going under, the former CEO was fined heavily and given a very light sentence. I guess he'll serve his time, learn his lessons and count his loses, then move on, who knows maybe he'll come back and take over his job.

I think that the OP was just giving us a reminder about not trusting centralized exchanges, that they can go down anytime and sink with investors funds, not your keys not your coins, it's worth mentioning when we're talking about exchanges and crime.

[passwordnow]

I think CZ got away with a very modest sentence (if that's the total sentence, based on all charges), good for him. That makes it seem that the crime wasn't a big deal, which can also be good for the reputation of Binance.

It was actually a big deal because it's money laundering but with fame, money and influence, the sentence was lessened down and also where the charges against Binance were settled down with a hefty fine wherein that's became basis of many other countries where Binance operates. Anyway, Binance and CZ got away with it and so if he gets out of it, the sins were already paid for by him and his company and whatever his next moves, we'll see.

But CZ being in prison doesn't mean that Binance will stop working (especially when we're talking about the global exchange) or that people wouldn't be able to use the funds they have there. I'm all for self-custody and I don't keep funds on exchanges, but I'm just pointing out that this particular news on CZ probably doesn't affect the money on the exchange.

We shouldn't keep our funds even on Binance. But CZ is not anymore connected to Binance in paper because it's Richard Teng that has replaced him as the CEO of the company. But we do not know how the things in paper does with these kind of positioning but I'm pretty convinced that he's still connected to them even if there's this succession and resignation that has been announced before.

[HideYourKeys]

Not your keys, not your coins... the exchanges, when used, shall be a means to just purchase and withdraw, in my humble opinion.

[dothebeats]

4 months is a joke. Normal guys go to prison for a much lighter offense and have been spending years on prisons that are barely liveable or acceptable for human conditions. Even if CZ goes to prison, a lot of his people will still run the company and people's funds will not go anywhere. And since the CEO is under the microscope for wrongdoings, the US government will certainly keep a microscopic eye on Binance just to ensure that no anomalies or irregularities will happen to the company's operations while the big boss is away.

[Upgrade00]

<snip>who knows maybe he'll come back and take over his job.

This is likely never to happen. Exchanges rely so much on the public perception, they just like banks want to feel as safe, welcoming and easy to use so the customer does not have to worry about anything. CZ returning at any level in the management will undermine that and give the exchange a bad rep. Many customers may not mind, and may see it as a strike back at the system, but it's not a risk Binance will want to take.

[cryptoaddictchie]

I wonder if CZ now is being imprison like I Imagine him being held together with other criminals is such low balls for the Government. Anway CZ seems smiling with the results. You think the jail isnt too comfy for CZ, probably he is on special room waiting and doing trading on that room. Hopes the media shows it cause it might be another play without knowing about it.

[legendbtc]

4 months is a joke. Normal guys go to prison for a much lighter offense and have been spending years on prisons that are barely liveable or acceptable for human conditions. Even if CZ goes to prison, a lot of his people will still run the company and people's funds will not go anywhere. And since the CEO is under the microscope for wrongdoings, the US government will certainly keep a microscopic eye on Binance just to ensure that no anomalies or irregularities will happen to the company's operations while the big boss is away.

4 months is a joke, but to get those 4 months CZ had to pay a fine of $4 billion, and that amount is no joke. Also, you might have missed something: CZ is no longer the leader of BInance nor does he have any connection to Binance. The world's largest exchange is run by Richard Teng.

Regarding the US government paying attention to Binance, I think they have been targeting it since FTX collapsed, they tried to punish Binance.us, then CZ. CZ went to jail and he will be free in 4 months, and this has no effect on Binance or their users, everything is working fine, don't create Fud.